Can I Keep My Car?
Filing for bankruptcy is a difficult decision, but it can provide relief from overwhelming debt. When you file for bankruptcy, all your debts are forgiven, and you are given a fresh start. However, this process can be complicated, and there are many things to consider before deciding to file.
One question that most vehicle owners have is whether or not they will be able to keep their car after filing for bankruptcy. The answer to this question depends on a few different factors, but in general, you will be able to keep your car as long as you continue making payments on the loan and are not at risk of default.
What Factors Determine if I Can Keep My Car?
There are a few different factors that will determine if you can keep your car after filing for bankruptcy.
These include:
- The type of bankruptcy you file: If you file for Chapter 7 bankruptcy, all of your assets will be sold in order to pay off your debts. However, if you file for Chapter 13 bankruptcy, you may be able to keep your car as long as you continue making payments on the loan.
- The value of your car: If your car is worth more than what you owe on the loan, you may be able to keep it in a Chapter 7 bankruptcy. However, if the value of your car is less than what you owe, the trustee may choose to sell it in order to pay off your creditors.
- Your ability to make payments: In a Chapter 13 bankruptcy, you will be required to make payments on all your debts, including your car loan. If you are unable to make these payments, you may lose your car.
How Brisbane Debt Solutions Can Help
The experts at Brisbane Debt Solutions can help you navigate the bankruptcy process and make sure that you are able to keep your car. We will work with you to create a payment plan that is affordable and realistic, and we will help you understand the bankruptcy process so that you can make the best decision for your financial future.
Call Brisbane Debt Solutions today to learn more about how we can help you keep your car after bankruptcy. We are here to help you through this difficult time and get you back on track financially.